Terms of Business & Schedule of Fees

 

Introduction

These Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services.  Please ensure you read these terms thoroughly and if you have any queries please contact the undersigned who will be happy to clarify any queries raised.  If any material changes are made to these terms, we will notify you as soon as possible.

 

Gerry Moran QFA CFP®, Director, Wallstone Financial Planning.

(T) 061 440044 (E) gerry@wallstone.ie

 

Authorisation with the Central Bank of Ireland

Mantra Consultants Limited trading as Wallstone Financial Planning is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995.  A Copy of our regulatory authorisation is available on request. The Central Bank of Ireland holds registers of regulated firms.  You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website on www.centralbank.ie to verify our credentials.

Codes of Conduct

Mantra Consultants Limited is subject the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers.  These codes can be found on the Central Bank’s website www.centralbank.ie.

Our Services

We offer clients impartial advice on all aspects of financial planning and can also arrange financial products from a broad number of product providers.  A full list of insurers and product producers with which we deal is available on request.

Mantra Consultants Limited act as Brokers and act on a fair analysis basis for Life Assurance, Pensions and Investments.  Mantra Consultants Limited act on a limited analysis basis for Deposits and General Insurance.  A full list of insurers, product producers with which we deal is available on request.  We also have a referral agreement with a number of Stockbrokers.

Mantra Consultants Limited is a member of Brokers Ireland.

Fair Analysis

The concept of fair analysis is derived from the Insurance Mediation Directive.  It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/or a specialist area.  The number of contracts and providers considered must be sufficiently large to enable us to recommend a product that would be adequate to meet a client’s needs.

The number of providers that constitutes “sufficiently large” will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market.  The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.  In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair analysis of the market, we will consider the following criteria;

  • The needs of the customer;
  • The size of the customer order;
  • The number of providers in the market that deal with brokers;
  • The market share of each of those providers;
  • The number of relevant products available from each provider;
  • The availability of information about the products;
  • The quality of the product and service provided by the provider;
  • Cost, and
  • any other relevant consideration.

Investment Intermediary Services

Mantra Consultants Limited provides investment intermediary services on a fair analysis basis.  Mantra Consultants Limited is remunerated by commission for its investment intermediary services.  Ongoing suitability assessments will form part of the service to clients whose investments come under the remit of the MiFID Regulations 2017. Where your investment falls under these regulations we will provide you on an annual basis with a client report outlining any changes in the services or instruments involved &/or the circumstances of you, our client.

 

Life & Pensions & Life Wrapped Investments

Mantra Consultants Limited provides life assurance, pensions and investments on a fair analysis basis i.e. providing service on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.

We will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policies and we will explain to you the various restrictions, conditions and exclusions attached to your policy.  However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover; particularly in relation to PHI and Serious Illness policies.

Specifically on the subject of Permanent Health Insurance policies it is our policy to explain to you (a) the meaning of disability as defined in the policy; (b) the benefits available under the policy; (c) the general exclusions that apply to the policy; and (d) the reductions applied to the benefit where there are disability payments from other sources.

For a Serious Illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.

 

Deposits

Mantra Consultants Limited provides deposits on a limited analysis basis (providing services on the basis of a limited number of contracts available on the market).

We provide advice on the following product providers:

  • Permanent TSB Plc

 

General Insurance

Mantra Consultants Limited provides general insurance on a limited analysis basis (providing services on the basis of a limited number of contracts and product producers available on the market). Mantra Consultants Limited holds an agency in respect of home insurance with Aviva Insurance Europe SE.  We will offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on cover.  To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction.  You will be liable for any premiums payable to your relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.

Share Dealing

Mantra Consultants Limited t/a Wallstone Financial Planning does not offer advice on shareholding.  We hold agency appointments with three stockbroking firms, namely, Cantor Fitzgerald Ireland Limited, J & E Davy and Merrion Stockbrokers Limited.  At your request, we can provide you with a referral to a stockbroker.  Your appointed stockbroker will contact you directly for your instructions and deal with all matters concerning your transactions.  Mantra Consultants Limited t/a Wallstone Financial Planning may receive a portion of the fees deducted by the stockbroker on share trading.  Any such fee will be pre-advised to a client.

 

Fee Structures

Our core proposition at Mantra Consultants Limited is offering financial planning advice to clients.  We charge fees for this advice which are always agreed in advance with each client.  As a result of charging fees, we do not have to sell our clients any financial products to get remunerated for our services.

 

Fees for Bespoke Financial Advice & Financial Planning Advice (No Product Purchased by Client through Mantra Consultants Limited)

Bespoke financial advice and financial planning advice is provided at an hourly charge out rate to clients.  The current hourly consultancy rates are:

Certified Financial Planner                                                €250 per hour

Qualified Financial Advisor                                               €180 per hour

Administration Support                                                     €100 per hour

 

An estimate of likely time to be spent advising a client will be given to every client in advance of carrying out the work.  This will form the basis of our agreed fee (in advance). Based on our hourly consultancy rates displayed above, we set out below the indicative range of fees (inclusive of our hourly consultancy fees displayed above) for our advice services.

 

Retirement Planning Advice €760 – €1,000
Investment Advice €760 – €1,000
Estate Planning Advice €760 – €1,000
Risk Management Advice €760 – €1,000
Discovery Meeting €180 –    €360
Discovery Meeting & Report outlining existing €760 – €1,000
Financial Situation  €2,500 – €3,500
Discovery Meeting & Report outlining existing
Financial Situation & Full Financial Plan

 

In certain instances the agreed fee may vary from that outlined above depending on the particulars of the case (which will always be agreed in advance).  Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency.  These will always be agreed in advance.

 

Fee Outline where we place business with a Product Provider.

Mantra Consultants Limited is remunerated by commission and other payments from product producers or lenders on the completion of business.  Where we receive recurring commission, this forms part of the remuneration for initial advice provided.  In certain circumstances, it will be necessary to charge a fee for services provided where insufficient commission is payable to us for the services provided to you.  If we receive commission from a product provider, this may be offset against the fee which we will charge you.  Where the commission is greater than the fee due, the commission will become the amount payable to the firm unless an arrangement to the contrary is made.

You may choose to pay in full for our services by means of a fee.  Where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below.  Where we receive recurring commission, this forms part of the remuneration for initial advice provided.

You must advise the basis on which you wish your business to be processed prior to us providing any advice or undertaking any service on your behalf.  Please note that it is our practice to charge fees on a rate per hour basis for consultations and reports.

Life Assurance Policies Fee/Commission Structure

All life assurance policies (including specified illness cover and income protection cover) taken out through Mantra Consultants Limited can be transacted on a commission basis or by a fee payable by the client.  Where the commission option is selected by the client, the product provider will pay Mantra Consultants Limited for arranging the product with them by paying initial and renewal commission.  Where we receive renewal commission from a product provider, this forms part of the remuneration for initial advice provided.  The level of commission payable to Mantra Consultants Limited varies depending on the product provided to the client.  The maximum commission in year 1 is 200% of the premium and the maximum for year 2 onwards is 30% of the premium.  Details of commission payable to Mantra Consultants Limited will be contained in the Product Disclosure Notice which will be advised to the client in advance of taking out a policy.  Where the client elects to pay directly by means of a fee, the client may if they wish pay this sum by means of a fee charged at the commencement of the policy and a fee at each subsequent policy renewal date.  The client will be notified in writing in advance of these fees which will be the same amount as available under the commission option.  If this option is selected,  the business will be placed with the product provider on a nil commission basis.

 

Investment Intermediary Services Charging Structure

In relation to investments which come under the remit of the MiFID Regulations 2017, Mantra Consultants Limited is remunerated by commission payments.  The level of commission payable to Mantra Consultants Limited will vary depending on the product provided to the client.  In advance of making an investment, we will advise the client of commissions payable to Mantra Consultants Limited by the product provider in respect of their investment.

If you elect to avail of our services on a fee only basis, the following is indicative of our rates:

 

Annuity, Life Wrapped Investments & Retirement Portfolios Charging Structure

If you elect to avail of our services relating to the above products, we charge both (i) a Product Implementation Fee and (ii) a fee for ongoing servicing and advice.  A client may elect to pay both the fees directly or elect to have the fees paid by the Product Provider from their policy.  The following is indicative of our charging structure:

 

Product Type Product Implementation

Initial Fee

% of sum Invested

Servicing & Ongoing Advice

Annual Recurring Fee

% of Assets Under Management

Annuity Up to 3% Nil
Regular Premium Pension 15% of first annual contribution (Min €500) Up to 0.5% p.a.
Single Pension Contributions & Transfers Up to 5% Up to 0.5% p.a.
Approved Retirement Funds Up to 5%  

Up to 0.5% p.a.

Retirement Bond Up to 5% Up to 0.5% p.a.
Investment Bonds & Portfolios Up to 5% Up to 0.5% p.a.
Regular Premium Investment Plans 10% of first annual contribution (Min €250) Up to 0.5% p.a.
Single Contributions to a Regular Premium Investment Plan Up to 5% Up to 0.5% p.a.

The Product Implementation Fee and fee for Ongoing Servicing and Advice agreed with a client in advance will depend on a number of factors, such as, (i) the sum invested, (ii) Investment Term, (iii) level of existing business through Mantra Consultants Limited, (iv) the level of service agreed and (v) potential for additional business through Mantra Consultants Limited.

 

Deposit Broking Commission/Fees

Mantra Consultants Limited is remunerated by commission by the relevant financial institution where client deposits are placed.  We may receive up to 0.4% p.a. (or whatever-maximum is applicable) on account balances.  Mantra Consultants Limited also reserves the right to levy a fee (initial or recurring) payable by the client.  Such fee, if any,  will be agreed in advance with the client.

Non-Life Commissions

Mantra Consultants Limited is remunerated by commission from Aviva Insurance Europe SE.  The level of commission payable to Mantra Consultants Limited will be advised to you in advance of arranging/renewing cover.  Where an override commission is received, this will be disclosed to you in general terms.

 

Disclosure of Information

Please note it is essential to make full disclosure of relevant facts, including: a) your medical details or history; b) any previous insurance claims made by you for the type of insurance sought.  Failure to disclose all information may result in:

  • Your policy being cancelled
  • Claims not being paid
  • Difficulty in trying to purchase insurance elsewhere
  • A breach of the terms and conditions attaching to any loan secured on the property

If you are ever in any doubt about whether or not something needs to be disclosed, the safest course of action is disclose it.

 

Regular Reviews

It is in your best interests that you review, on a regular basis, the products which we have arranged for you.  As your circumstances change, your needs will change.  You must advise us of those changes and request a review of the relevant policy so that we can ensure that you are provided with up to date advice and products best suited to your needs.  Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover and/or inappropriate investments.

Conflicts of Interest

It is the policy of the firm to avoid any conflict of interest in providing services to you.  However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service. A full copy of our conflicts of interest policy is available on request.

Default on Payments by Clients

Our firm will exercise its legal rights to receive any payments due to it from clients (agreed fees) for business services provided.

Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you.  We would refer you to policy documents or product terms for the details of such provisions.

Where a policy of insurance is cancelled and is a requirement of a loan or mortgage agreement, this may result in a breach of your loan or mortgage agreement with your lender.  .

 

Complaints

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing.  We will acknowledge your compliant with 5 business days and we will fully investigate it.  We shall investigate the complaint as swiftly as possible and the complainant will receive an update on the complaint at intervals not greater than 20 business days starting from the date on which the complaint is made.  On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the

 

Financial Services and Pensions Ombudsman (FSPO)

Lincoln House,

Lincoln Place,

Dublin 2

Tel. 01 567 7000

info@fspo.ie

 

A full copy of our complaints procedure is available on request.

 

Anti-Money Laundering/Countering the Financing of Terrorism

Our firm reserves the right to request any facts about a client which it reasonably believes it needs to know in order to comply with the prevailing Criminal Justice (Money Laundering and Terrorist Financing) legislation.

 

Data Protection

Mantra Consultants Limited complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018

Mantra Consultants Limited is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.

The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Privacy Notice which can be viewed on our website www.wallstone.ie.

We will ensure that this Privacy Notice is easily accessible.  Please refer to our website www.wallstone.ie,  if this medium is not suitable we will ensure you can easily receive a hard copy.

Please contact us at financial@wallstone.ie if you have any concerns about your personal data.

Compensation Scheme

Mantra Consultants Limited are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.

Investor Compensation Scheme

The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in the Act.  The Investor Compensation Company ltd (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme.

Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.  A right to compensation will arise only;

  1. If the client is an eligible investor as defined in the Act; and
  2. If it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and
  3. To the extent that the client’s loss is recognised for the purposes of the Act.

Where an entitlement to compensation is established, the compensation payable will be the less of;

  • 90% of the amount of the clients loss which is recognised for the purposes of the Investor Compensation Act, 1998, or
  • Compensation of up to €20,000

For further information, contact the Investor Compensation Company Ltd at (01) 224 4955.

Brokers Ireland Compensation Fund

We are also members of the Brokers Ireland Compensation Fund. Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,00 per client (or €250,000 in aggregate) may be discharged by the fund on its behalf if the member firm is unable to do so, where the above detailed Investor Compensation Scheme has failed to adequately compensate any client of the member. Further details available on request.

Once these Terms of Business have been agreed, they shall remain in place unless subsequently altered.  The Terms of Business shall be construed in accordance with Irish Law.  The Courts of Ireland shall have exclusive jurisdiction in relation to any claim, dispute or indifference concerning the Terms of Business and any matter arising between the client and the company.

 

Version 1.7            Effective from 3rd January 2018

Wallstone

1st Floor, Crescent House,
Hartstonge Street,
Limerick, Ireland.
V94 K35Y

Tel.      +353 61 440044
email.  financial@wallstone.ie


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